A new report has shown how much CEOs of Kenya’s tier-one banks earned in 2022.
These banks are Equity, KCB Group, NCBA, Diamond Trust Bank (DTB), Standard Chartered Kenya (Stanchart) and Absa.
CEOs of the above mentioned banks enjoy among other benefits luxury holidays, wardrobe allowances, car and personal drivers and bodyguards.
They also have access to private club membership, housing, entertainment allowance and elite school fees benefits.
The bosses took home a gross pay of Ksh 807 million as banks recorded high profits.
In this article, WoK looks at how much each CEO of these banks took home in 2022.
Topping the list was new KCB Group CEO Paul Russo who took home an annual gross pay of Ksh 217.4 million.
The gross pay was broken down to Ksh 72.7 million annual salary, Ksh 99.3 million bonus in cash, Ksh 24.8 deferred, gratuity of Ksh 5.8 million and non-cash bean nefits of Ksh 2 million.
Coming in second was Equity Group CEO James Mwangi who took home Ksh 213.6 million in annual gross pay.
His annual salary was 106 million while Ksh 53 million and Ksh 31.8 million was bonus and gratuity respectively.
Mwangi also earned Ksh 8.3 million leave pay and Ksh 5.1 million in estimated value of non-cash benefits.
John Gachora, the CEO of NCBA Bank, on the other hand made a total of Ksh 147.7 million in 2021.
This was broken down to Ksh 89.6 million annual salary, Ksh 40 million cash incentive remuneration and Ksh 9.8 million retirement benefit.
Standard Chartered CEO Kariuki Ngare earned a total of Ksh 124.4 million.
It comprised of Ksh 47 million annual salary, Ksh 39.8 million bonus, Ksh 13.2 million in deferred cash awards, Ksh 4 million non-cash benefits and Ksh 6.4 million pension.
Elsewhere, DTB Bank CEO Nasim Devji took home an annual gross pay of Ksh 61.1 million.
Former Absa CEO Jeremy Awori who resigned in October 2022 earned Ksh 106.7 million.